MEXICO CITY - The Mexican bank Banamex said it completed a seven-year private placement of dollar denominated credit card receivables that will provide net proceeds of $375 million.

The issue is the largest credit card securitization by a Mexican company since the country reentered the international capital markets in the late 1980s, said Roberto Mendoza, vice chairman of the board of J.P. Morgan & Co.

The transaction represents the sale of anticipated dollar-denominated receivables from Visa and MasterCard transactions. Banamex landed the receivables, in the form of international vouchers, in an earlier acquisition.

Morgan led the deal, while Citicorp and Merrill Lynch & Co. acted as co- agents.

The issue follows the May 18 placement of $206.5 million of electronic transfer master trust certificates.

The certificates have an average life of 3.9 years, maturing in September 2002, and coupon payments are monthly, Banamex said.

The certificates yield 8.92%.

Duff & Phelps rated them A-minus.

The trustee was Bank of New York.

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